North Dakota Guaranty of Open Account - Alternate Form

• Category: Guaranty - Open Accounts
• State: Multi-State
• Control #: US-00524
• Format: Word; Rich Text

Description

This form states that in consideration of and in order to induce the payee(s), to extend credit to the customer, the guarantor unconditionally and absolutely guarantees to payee(s), jointly and severally, the full and prompt payment and performance of any and all account receivable charges by customer incurred to payee, including collections fees and reasonable attorneys' fees, up to a certain maximum amount.

North Dakota Guaranty of Open Account — Alternate Form is a legal document used in the state of North Dakota to provide assurance and security to creditors when extending credit to a debtor on an open account basis. This form is an alternative to the traditional guaranty of open account and offers additional flexibility and options for both the creditor and the guarantor. In North Dakota, there are different types of Guaranty of Open Account — Alternate Forms available based on specific circumstances and requirements. Some of these variations may include: 1. Individual Guaranty of Open Account — Alternate Form: This type of guaranty involves a single individual assuming the responsibility for guaranteeing the payment on the open account. It outlines the obligations and liabilities of the individual guarantor and their commitment to ensure timely repayment. 2. Corporate Guaranty of Open Account — Alternate Form: This form pertains to a corporation assuming responsibility for the open account debt. It outlines the obligations and liabilities of the corporation as the guarantor and the terms under which they will provide the guarantee. 3. Joint and Several Guaranty of Open Account — Alternate Form: In some cases, multiple individuals or entities may collectively assume the responsibility of guaranteeing the open account debt. This form establishes that each guarantor is liable individually and collectively for the full amount owed, allowing the creditor to pursue any of them for payment. The North Dakota Guaranty of Open Account — Alternate Form typically includes various key elements, such as: 1. Parties Involved: Identification of the creditor, debtor, and guarantor(s) involved in the agreement. 2. Open Account Details: Description of the open account, including the specific terms and conditions of the credit extended, payment terms, interest rates, and any applicable fees. 3. Guarantor's Obligations: Clear statement of the guarantor's obligations, including their responsibility to guarantee payment and their commitment to fulfill the debtor's obligations if they default. 4. Limitations and Conditions: Any limitations or conditions placed on the guarantor's liability or obligations, such as time limitations for enforcing the guaranty or restrictions on modifications to the original credit agreement. 5. Governing Law: Specification of the laws of the state of North Dakota that govern the interpretation and enforcement of the guaranty agreement. It is important to consult with legal professionals or experts familiar with North Dakota laws while drafting or using the Guaranty of Open Account — Alternate Form to ensure compliance and accuracy in its content.